ZM has beaten EPS in 4 straight quarters, but price reaction has been three negative, one strong positive—the market wants clearer acceleration in revenue/billings and proof that AI/CCaaS can lift growth.
| Quarter | EPS Surprise | 1‑Day Move | 7‑Day Move | 14‑Day Move |
|---|---|---|---|---|
| Q1 FY2026 (May 21, 2025) | +9.16% | –0.24% | –1.22% | –5.00% |
| Q4 FY2025 (Feb 24, 2025) | +7.63% | –8.48% | –6.78% | –8.51% |
| Q3 FY2025 (Nov 25, 2024) | +5.34% | –6.31% | –6.37% | –5.87% |
| Q2 FY2025 (Aug 21, 2024) | +13.93% | +12.97% | +14.69% | +11.74% |
Contact [email protected] for any questions or corrections.
| Metric | Prior FY26 | Post-Guide FY26 | Shift |
|---|---|---|---|
| Revenue | ~$4.81B | $4.825–4.835B | ✅ Higher |
| EPS | $5.61 | $5.81–5.84 | ✅ Higher |
| FCF | ~$1.7B | $1.74–1.78B | ✅ Higher |
Zoom is proving cost discipline and margin strength, but without a demand re-acceleration story, AI Companion, Contact Center, and Phone growth need to show measurable revenue lift to move the stock.
| KPI | Q2 Result | YoY | Context |
|---|---|---|---|
| Enterprise Revenue | $731M | +7.0% | Continues to outpace Online |
| Online Revenue | $487M | +1.4% | Flat churn (2.9%), showing stabilization |
| $100K+ Customers | 4,274 | +8.7% | Expansion with large deals intact |
| Net Dollar Expansion (Enterprise) | 98% | – | Below 100% still a drag on growth |
| Operating Margin (Non-GAAP) | 41.3% | +210 bps | Strong leverage, a positive highlight |
| Metric | Prior FY26 | New FY26 | Direction |
|---|---|---|---|
| Revenue | ~$4.81B | $4.825–4.835B | 📈 Slight Raise |
| EPS (Non-GAAP) | ~$5.61 | $5.81–5.84 | 📈 Raised |
| FCF | ~$1.7B | $1.74–1.78B | 📈 Raised |
| Metric | Fiscal Period Ending 2025-07-31 | Previous Year (2024-07-31) | YoY |
|---|---|---|---|
| Revenue | $1.22B | $1.16B | 4.70% |
| Operating Income | $321.70M | $202.37M | 58.97% |
| Net Income | $358.60M | $219.01M | 63.73% |
| Cash And Equivalents | $7.80B | $1.54B | 406.67% |
| Operating Cash Flow | $515.90M | $449.33M | 14.81% |
| Free Cash Flow | $508.00M | N/A | 0.00% |
“AI is transforming the way we work together, and Zoom is at the forefront, driving innovation that helps people get more done, reduce costs, and deliver better experiences.” – CEO Eric Yuan
Yuan is leaning on AI adoption to reframe Zoom as a growth story, but with revenue still growing mid-single digits, the Street isn’t fully buying the acceleration yet.
After-Hours Stock Move: ZM –0.36%
Earnings vs. Estimates
| Metric | Reported | Consensus | Beat/Miss |
|---|---|---|---|
| Q2 Revenue | $1.217B | $1.20B | ✅ Beat |
| Q2 EPS (Non-GAAP) | $1.53 | $1.38 | ✅ Beat |
| FY26 Revenue Guide | $4.825–4.835B | $4.81B | ✅ Slight Raise |
| FY26 EPS Guide | $5.81–5.84 | $5.61 | ✅ Raised |
Quick Take: Zoom delivered its strongest YoY revenue growth in 11 quarters (+4.7%), with operating margins expanding to 41.3%. It also raised full-year revenue, EPS, and FCF guidance. Despite the clean print, the muted stock reaction shows investors want more proof that AI and Contact Center can bend the growth curve meaningfully
Zoom will close the day up 1.10% as earnings numbers drop in about 20 minutes. Stay tuned as we post live updates right here.
Zoom (Nasdaq:ZM | ZM Price Prediction) reports fiscal Q3 2026 results after the close, with expectations centered on modest mid-single-digit growth and continued margin stability. The company enters the print with strong momentum from…
Worday (NASDAQ:WDAY | WDAY Price Prediction) reports after the close. The setup: macro remains choppy, but Q1 showed healthy backlog, strong margins, and accelerating AI adoption across the suite. This print matters because management…
Zscaler (NASDAQ:ZS | ZS Price Prediction) will post Q4 fiscal 2025 results after the bell, following a quarter where its stock surged nearly 20% in the two weeks after earnings. The company has consistently…
Zoom (NASDAQ: ZM | ZM Price Prediction) reports earnings after the market closes today, with Wall Street looking for signs of steady enterprise traction in what’s become an increasingly saturated unified communications market. The…
DocuSign (Nasdaq: DOCU | DOCU Price Prediction) is mid-transformation from e-signature to Intelligent Agreement Management (IAM). Q1 FY26 delivered 8% revenue growth to $764M and non-GAAP EPS of $0.90, with operating margin at 29.5%…
Salesforce (NYSE: CRM | CRM Price Prediction) is set to report Q2 FY2026 earnings after the close. With Agentforce adoption spreading and Data Cloud crossing the $1B ARR mark last quarter, the company has…
MongoDB (NASDAQ: MDB) | MDB Price Prediction reports fiscal Q2 2026 results after the close. Shares have been volatile, reflecting both high expectations for Atlas-driven growth and macro caution on consumption. Last quarter, management…
Samsara (Nasdaq:IOT) enters Q2 with momentum — ARR reached $1.54B (+31% YoY), non-GAAP gross margin hit a record 79%, and operating margin rose to 14% last quarter. Management flagged elongated sales cycles tied to…
Zoom just dropped its Q2 numbers after the bell, and shares moved in a direction that has investors questioning whether the AI growth story can survive its own rising expectations.
